RPC Posts Narrower-than Expected Q1 Loss; Revenues Down, Miss View - Quick Facts

(RTTNews) - RPC Inc. (RES), an oilfield services holding company, reported Wednesday that its first-quarter net loss was $32.51 million or $0.15 loss per share, compared to net income of $7.55 million or $0.04 per share last year.

On average, 21 analysts polled by Thomson Reuters expected loss of $0.20 per share. Analysts' estimates typically exclude special items.

Operating loss for the quarter was $75.1 million compared to operating profit of $6.4 million in the prior year.

Earnings before interest, taxes, depreciation and amortization or EBITDA was a loss of $14.1 million, compared to EBITDA of $77.9 million in the prior year.

For the quarter, revenues decreased 53.5 percent to $189.1 million from $406.27 million in the first quarter of last year. Analysts were looking for revenues of $204.36 million.

Revenues decreased due to lower activity levels and pricing for our services.

Richard Hubbell, RPC's President and Chief Executive Officer, said, "During the first quarter of 2016 we were more deeply impacted by our customers' unprecedented measures to remain in operation during a prolonged period of low commodity prices. The oilfield service industry is responding to its customers' actions with equally extraordinary efforts to remain in operation in anticipation of the eventual industry recovery."